BlackRock Statistics 2026
By Axis Intelligence Research
Co-authors: Sarah Davis & Mia Scarlett | Last updated: August 22, 2026 | License: CC BY 4.0
BlackRock managed $15,344,624 million — $15.34 trillion — at June 30, 2026, up 22% year over year, after $191.7 billion of second-quarter net inflows and $1.28 trillion of market appreciation. Its ETF platform held $6.25 trillion. Axis Intelligence Research calculates the firm’s blended base fee yield at 15.42 basis points on average AUM.
Quick Answer
BlackRock’s assets under management reached $15.34 trillion at June 30, 2026, per the company’s Form 8-K filed with the SEC. Second-quarter revenue was $7.084 billion, up 31% year over year. According to Axis Intelligence Research, the platform earns 15.42 basis points on average AUM overall — but that single number hides a fee spread running from 3.01 bps to 78.72 bps across segments.
Key Findings
- BlackRock reported $15.34 trillion in assets under management at June 30, 2026, a 22% increase from $12.53 trillion a year earlier, per its Q2 2026 Form 8-K.
- According to Axis Intelligence Research, market appreciation accounted for 88.5% of BlackRock’s $1.45 trillion quarterly AUM increase, while net inflows contributed 13.2%.
- According to Axis Intelligence Research, BlackRock’s private markets segment earned an annualized fee yield of 78.72 basis points in Q2 2026 against 3.01 basis points for institutional index — a 26.1x multiple.
- The BlackRock Platform Revenue Intensity Index (BPRI), an Axis Intelligence Research metric, read 4.46 at June 30, 2026, down from 4.66 at March 31, 2026.
- According to Axis Intelligence Research, BlackRock’s ETF platform held 27.1% of global ETF industry assets at June 30, 2026, combining the firm’s $6.25 trillion ETF AUM with ETFGI’s $23.09 trillion industry total.
How Much Money Does BlackRock Manage in 2026?
$15,344,624 million at June 30, 2026. That is the number in the filing, and it is a record.
The path there matters more than the level. BlackRock closed 2025 at $14.04 trillion, dropped to $13.89 trillion at March 31, 2026 during a weak equity quarter, then added $1.45 trillion in three months. Anyone who wrote “BlackRock loses $150 billion” in April and “BlackRock adds $1.4 trillion” in July described the same business twice, badly.
| Date | Total AUM (USD millions) | Change from prior period | Source |
|---|---|---|---|
| June 30, 2025 | 12,527,590 | — | BlackRock Form 8-K |
| December 31, 2025 | 14,041,518 | +12.1% (6 months) | BlackRock Form 8-K |
| March 31, 2026 | 13,894,600 | −1.0% | BlackRock Form 8-K |
| June 30, 2026 | 15,344,624 | +10.4% | BlackRock Form 8-K |
What actually moved the $1.45 trillion?
Axis Intelligence Research decomposed the Q2 2026 AUM bridge from the component-change tables in the filing. The four inputs sum to the reported change:
| Component | Q2 2026 (USD millions) | Share of quarterly change | Source |
|---|---|---|---|
| Market change | 1,283,638 | 88.5% | BlackRock Form 8-K; Axis calculation |
| Net inflows | 191,700 | 13.2% | BlackRock Form 8-K; Axis calculation |
| Realizations | −7,194 | −0.5% | BlackRock Form 8-K; Axis calculation |
| Foreign exchange | −18,120 | −1.2% | BlackRock Form 8-K; Axis calculation |
| Total change | 1,450,024 | 100% | BlackRock Form 8-K |
Across the first half of 2026, market change did 81.9% of the work, net inflows 24.7%, and a strengthening dollar took 5.2% back out through translation.
Sarah Davis: Nine dollars in ten of that quarter’s asset growth came from prices, not from clients. That is not a criticism — beta is the business model when you run $6.2 trillion of index and ETF exposure — but it is the reason base fee yield, not AUM, is the number worth tracking. AUM is a market quote. Fee yield is what BlackRock actually charges, and it barely moves.
The Axis Fee Yield Ladder: What Every Dollar at BlackRock Actually Pays
This is the section nobody else publishes, because it requires pairing two tables the filing keeps apart: base fees by segment, and average AUM by segment. Period-end AUM is the wrong denominator — fees accrue over the quarter, not on the last day of it.
Formula (disclosed in full, reproducible from the filing):
Fee yield (bps) = (quarterly base fees and securities lending revenue × 4) ÷ average AUM for the quarter × 10,000
Worked example, private markets: ($639 million × 4) ÷ $324,696 million × 10,000 = 78.72 bps.
| Segment | Q2 2026 fee yield (bps) | Q1 2026 fee yield (bps) | Base fees Q2 2026 (USD m) | Average AUM Q2 2026 (USD m) | Source |
|---|---|---|---|---|---|
| Private markets | 78.72 | 81.64 | 639 | 324,696 | Axis Intelligence Research from BlackRock filings |
| Alternatives (total) | 77.47 | 79.85 | 851 | 439,382 | Axis Intelligence Research from BlackRock filings |
| Liquid alternatives | 73.94 | 74.41 | 212 | 114,686 | Axis Intelligence Research from BlackRock filings |
| Retail | 39.21 | 39.03 | 1,323 | 1,349,563 | Axis Intelligence Research from BlackRock filings |
| Institutional active | 17.97 | 18.42 | 1,176 | 2,617,296 | Axis Intelligence Research from BlackRock filings |
| ETFs | 17.37 | 17.15 | 2,595 | 5,974,141 | Axis Intelligence Research from BlackRock filings |
| Long-term platform | 15.63 | 15.49 | 5,383 | 13,779,306 | Axis Intelligence Research from BlackRock filings |
| Total platform | 15.42 | 15.27 | 5,726 | 14,853,996 | Axis Intelligence Research from BlackRock filings |
| Cash management | 12.77 | 12.68 | 343 | 1,074,690 | Axis Intelligence Research from BlackRock filings |
| Institutional index | 3.01 | 2.75 | 289 | 3,838,306 | Axis Intelligence Research from BlackRock filings |
Inputs come from the Q2 2026 Form 8-K and the Q1 2026 earnings release. Every figure sits in the downloadable CSV with its method note.
According to Axis Intelligence Research, the spread between the top and bottom rungs of the ladder is 75.71 basis points. Institutional index money — $3.95 trillion of it, 27.6% of long-term AUM — produced 5.4% of long-term base fees. Retail and alternatives together held 12.9% of long-term AUM and produced 40.4% of long-term base fees.
Sarah Davis: Run those two sentences next to each other and the whole strategy since the GIP, Preqin and HPS deals stops looking like empire-building. A quarter of the balance sheet earns three basis points. You do not fix that by charging index clients more; the market would move the money in a week. You fix it by buying businesses that charge seventy-eight.
Scope of the yield ladder
Base fees here include securities lending revenue, because BlackRock reports the two together in its segment tables and does not split securities lending by client type. Performance fees, technology revenue and distribution fees are excluded — this is a base fee yield, not a total revenue yield. On a total revenue basis, Axis Intelligence Research calculates 19.08 bps on average AUM for Q2 2026.
BlackRock Platform Revenue Intensity Index (BPRI)
BPRI — the BlackRock Platform Revenue Intensity Index — is an Axis Intelligence Research metric measuring how much more base fee revenue a dollar in alternatives generates than a dollar in ETFs.
Formula: BPRI = alternatives fee yield (bps) ÷ ETF fee yield (bps), both computed on average AUM per the ladder above.
Q2 2026 reading: 4.46. ($77.47 ÷ $17.37 basis points.) Q1 2026 reading: 4.66. (79.85 ÷ 17.15.)
| Reading date | BPRI | Alternatives yield (bps) | ETF yield (bps) | Direction |
|---|---|---|---|---|
| March 31, 2026 | 4.66 | 79.85 | 17.15 | Baseline |
| June 30, 2026 | 4.46 | 77.47 | 17.37 | −0.20 |
A falling BPRI means the two ends of the platform are converging. Both moved this quarter: alternatives yield fell 2.38 bps as HPS-acquired private credit assets scaled faster than their fees, and ETF yield rose 0.22 bps as flows tilted toward precision and active ETFs rather than core equity beta.
Methodology note. Earlier Axis readings of BPRI used a share-of-fees over share-of-AUM construction on period-end AUM. That construction is sensitive to quarter-end market moves, which is exactly the noise the index should filter out. The index is now computed on average AUM, and prior readings have been recomputed on the same basis rather than left to sit alongside incompatible numbers. Any Axis page quoting BPRI carries the reading date.
Scope. BPRI measures base fee intensity only. Alternatives also generate the bulk of performance fees — $476 million of BlackRock’s $577 million H1 2026 performance fees — which BPRI deliberately excludes because performance fees are lumpy and would make quarter-to-quarter readings meaningless.
How Big Is iShares in the Global ETF Market?
BlackRock’s ETF client-type AUM was $6,246,070 million at June 30, 2026. ETFGI puts the global ETF industry at $23.09 trillion on the same date.
Axis calculation: 6,246,070 ÷ 23,090,000 × 100 = 27.1%.
ETFGI’s own end-July figure for iShares is 27.5% market share on $6.35 trillion. The two are close but not identical, and the gap is methodological rather than a discrepancy: BlackRock’s “ETFs” client-type line includes commodity ETPs and digital-asset ETPs, which ETFGI classifies separately in some cuts. Publishing both numbers with the reason is more useful than picking one.
| Provider | ETF assets, July 31, 2026 (USD trn) | Global share | YTD net inflows (USD bn) | Source |
|---|---|---|---|---|
| iShares (BlackRock) | 6.35 | 27.5% | 370.26 | ETFGI |
| Vanguard | 5.00 | 21.6% | 372.93 | ETFGI |
| State Street SPDR | 2.27 | 9.8% | 122.84 | ETFGI |
| Remaining 1,022 providers | — | 41.1% | — | ETFGI |
Vanguard out-gathered iShares year to date — $372.93 billion against $370.26 billion — while sitting $1.35 trillion behind on assets. Three providers out of 1,025 hold 58.9% of a $23.11 trillion market.
Sarah Davis: Watch the flow line, not the asset line. iShares is defending a lead built on a decade of first-mover positioning in core exposures; Vanguard is winning the new money in the cheapest corner of the market. That is a share fight that resolves slowly and then all at once, and the fee yield ladder explains why BlackRock is comfortable losing it at the margin. Core equity beta at 17 basis points is not where the next dollar of profit lives.
Where Are BlackRock’s Flows Coming From?
$191.7 billion in Q2 2026, $321.4 billion in the first half, $867.8 billion over the last twelve months. Organic base fee growth was 8% in the quarter and 10% over twelve months.
Flows by client channel, Q2 2026
| Channel | Net flows (USD millions) | AUM at June 30, 2026 (USD millions) | Source |
|---|---|---|---|
| ETFs | 177,934 | 6,246,070 | BlackRock Form 8-K |
| Institutional active | 43,792 | 2,687,174 | BlackRock Form 8-K |
| Retail | 18,862 | 1,396,257 | BlackRock Form 8-K |
| Institutional index | −41,454 | 3,946,276 | BlackRock Form 8-K |
| Cash management | −7,434 | 1,068,847 | BlackRock Form 8-K |
Institutional index lost $41.5 billion in the quarter and $76.2 billion in the half. Those redemptions cost BlackRock roughly three basis points each. The ETF inflows arrive at seventeen. The mix shift is doing more for revenue than the headline flow number suggests.
Flows by region, Q2 2026
| Region | Q2 2026 (USD billions) | H1 2026 (USD billions) | Source |
|---|---|---|---|
| Americas | 152 | 275 | BlackRock Form 8-K |
| EMEA | 55 | 68 | BlackRock Form 8-K |
| APAC | −8 | −8 | BlackRock Form 8-K |
APAC gave back everything it raised in the first quarter. EMEA nearly doubled its half-year total in three months.
What Does BlackRock Earn on Private Markets and Private Credit?
Private markets AUM was $329,083 million at June 30, 2026 — 2.14% of the firm. It produced $639 million of base fees, 11.2% of the firm’s total, at 78.72 bps.
| Private markets segment | AUM June 30, 2026 (USD millions) | Q2 2026 net inflows (USD millions) | Source |
|---|---|---|---|
| Private credit | 150,937 | 6,004 | BlackRock Form 8-K |
| Infrastructure | 113,488 | 5,233 | BlackRock Form 8-K |
| Private equity | 32,261 | 2,677 | BlackRock Form 8-K |
| Real estate | 21,953 | 237 | BlackRock Form 8-K |
| Multi-alternatives | 10,444 | 1,281 | BlackRock Form 8-K |
Private credit went from $35,985 million at June 30, 2025 to $150,937 million a year later. Of that $115 billion increase, $101,017 million arrived through the HPS acquisition and $27,745 million through net inflows, with $11,899 million of realizations returning capital. The organic story and the acquisition story are separable, and the filing separates them.
Performance fees tell the same story from the other side: $577 million in H1 2026 against $154 million in H1 2025, with alternatives supplying $476 million of the current-year figure.
Sarah Davis: Realizations of $31.4 billion over twelve months against $50.4 billion of gross inflows is the detail to sit with. Private markets AUM is a leaky bucket by design — capital gets returned — so the fundraising has to run hot just to hold the line. Infrastructure returned $8.7 billion over the year and grew by $1.2 billion. That is a fee base treading water while the headline says growth.
How Much Does Aladdin Make?
Technology services and subscription revenue was $566 million in Q2 2026, up 13% year over year. According to Axis Intelligence Research, that is 8.0% of BlackRock’s total Q2 2026 revenue. Annual contract value grew 15%.
It is the smallest revenue line that anyone should care about, because it is the only one that does not move with markets. In a quarter where 88.5% of asset growth came from price appreciation, $566 million of subscription revenue is the part of the income statement that would survive a 20% drawdown intact. Our analysis of AI data center financing found the same pattern in infrastructure credit: contracted revenue gets valued differently from market-linked revenue, and it should be.
Revenue, Margin and Capital Return
| Metric | Q2 2026 | Q2 2025 | Change | Source |
|---|---|---|---|---|
| Total revenue (USD m) | 7,084 | 5,423 | +31% | BlackRock Form 8-K |
| Base fees and securities lending (USD m) | 5,726 | 4,454 | +29% | BlackRock Form 8-K |
| Performance fees (USD m) | 305 | 94 | +224% | BlackRock Form 8-K |
| Technology services (USD m) | 566 | 499 | +13% | BlackRock Form 8-K |
| Operating margin, GAAP | 34.7% | 31.9% | +280 bps | BlackRock Form 8-K |
| Operating margin, as adjusted | 45.9% | 43.3% | +260 bps | BlackRock Form 8-K |
| Diluted EPS, GAAP (USD) | 12.19 | 10.19 | +20% | BlackRock Form 8-K |
| Diluted EPS, as adjusted (USD) | 13.91 | 12.05 | +15% | BlackRock Form 8-K |
The 11.2-point gap between GAAP and adjusted margin in Q2 2026 comes mostly from $276 million of intangible amortization and $95 million of acquisition-related compensation, both tied to HPS and Preqin. The gap was 8.6 points a year earlier. Acquisitions are widening the wedge between the two margin numbers, and both are worth quoting.
BlackRock repurchased $450 million of stock in the quarter, paid $5.73 per share in dividends, and raised planned quarterly repurchases to $550 million.
Investment performance, one-year, at June 30, 2026
| Category | AUM above benchmark or peer median | Source |
|---|---|---|
| Fixed income, taxable active | 85% | BlackRock Form 8-K |
| Equity, systematic active | 86% | BlackRock Form 8-K |
| Equity, fundamental active | 62% | BlackRock Form 8-K |
Fundamental equity was at 39% on the one-year measure at March 31, 2026 and 62% at June 30. A 23-point swing in one quarter is a reminder of how little a rolling one-year performance statistic tells you.
How Does BlackRock Compare to Other Large Managers?
Cross-manager AUM comparison is where most published tables go wrong: managers define AUM differently, report on different dates, and several of the largest are private and disclose only when they choose to. Axis Intelligence Research compares only filed, same-date figures.
| Manager | AUM June 30, 2026 | Basis | Source |
|---|---|---|---|
| BlackRock | $15.34 trillion | SEC Form 8-K | BlackRock |
| State Street Investment Management | $6.3 trillion | Company results release | State Street |
BlackRock’s AUM is 2.44 times State Street Investment Management’s. State Street separately reported $57.9 trillion of assets under custody and administration — a different business measuring a different thing, and not comparable to AUM despite frequently appearing in the same table elsewhere.
A calculation we will not publish: a BlackRock-versus-Vanguard total AUM ratio. Vanguard does not file quarterly AUM with the SEC, and the figures in circulation mix fund-level US assets with global totals at inconsistent dates. On ETF assets, where ETFGI measures both on the same basis and date, the comparison holds: $6.35 trillion against $5.00 trillion at July 31, 2026.
For macro context, the U.S. Bureau of Economic Analysis reported real GDP growth of 1.5% and current-dollar GDP growth of 7.9% at an annual rate in Q2 2026. Asset prices ran well ahead of output, which is the mechanical explanation for a quarter in which BlackRock’s assets grew 10.4% and its client base added 1.3%.
Methodology
Collection. Every figure was retrieved on August 22, 2026 from documents fetched during production. BlackRock’s Q2 2026 results come from Exhibit 99.1 to its Form 8-K as filed with the SEC. Q1 2026 comparatives come from BlackRock’s Q1 2026 earnings release. Global ETF industry and provider-level figures come from ETFGI’s July 2026 global ETF industry press release. State Street figures come from State Street’s Q2 2026 results announcement. Macro figures come from the BEA advance estimate for Q2 2026.
Formulas. Fee yield (bps) = (quarterly base fees and securities lending revenue × 4) ÷ average quarterly AUM × 10,000. BPRI = alternatives fee yield ÷ ETF fee yield. AUM bridge shares = component ÷ total period change × 100. ETF market share = BlackRock ETF client-type AUM ÷ ETFGI global ETF industry assets × 100. Every derived figure carries axis_calculated = yes and a method note in the CSV.
Scope. Average AUM is BlackRock’s own trailing-four-month calculation, disclosed in the filing. Annualizing one quarter assumes the fee rate holds for a year; it is a run-rate, not a forecast. Base fee figures include securities lending revenue because BlackRock reports them combined by segment. Segment yields are not comparable to competitors’ published fee rates without matching the denominator definition, which few managers disclose.
Currency and rounding. All figures in US dollars as reported. Totals may not add because of BlackRock’s own rounding.
About This Dataset
blackrock-statistics-2026-update.csv contains 172 observations covering BlackRock’s assets under management, flows, revenue, margin, segment fee yields, private markets composition, and global ETF market position, spanning Q2 2025 through July 2026. Each row carries value, unit, as-of date, period, source organization, source document, absolute source URL, retrieval date, primary-source flag, Axis-calculated flag, data type, and method note.
License: CC BY 4.0. Free to reuse, including commercially, with attribution.
Distribution: Hugging Face, Kaggle, GitHub.
Attribution line: Axis Intelligence Research, BlackRock Statistics 2026, 2026.
Attribution block for publishers and researchers:
According to Axis Intelligence Research’s analysis of BlackRock’s Q2 2026 SEC filings, BlackRock’s private markets segment earned an annualized base fee yield of 78.72 basis points against 3.01 basis points for institutional index assets — a 26.1x multiple — producing a BlackRock Platform Revenue Intensity Index (BPRI) reading of 4.46 at June 30, 2026. Source: Axis Intelligence Research, axis-intelligence.com/blackrock-statistics/, CC BY 4.0.
Suggested citation
APA: Axis Intelligence Research. (2026, August 22). BlackRock statistics 2026: $15.3 trillion AUM, fee yields by segment, and iShares market share. Axis Intelligence. https://axis-intelligence.com/blackrock-statistics/
MLA: Axis Intelligence Research. “BlackRock Statistics 2026: $15.3 Trillion AUM, Fee Yields by Segment, and iShares Market Share.” Axis Intelligence, 22 Aug. 2026, axis-intelligence.com/blackrock-statistics/.
Chicago: Axis Intelligence Research. “BlackRock Statistics 2026: $15.3 Trillion AUM, Fee Yields by Segment, and iShares Market Share.” Axis Intelligence, August 22, 2026. https://axis-intelligence.com/blackrock-statistics/.
Frequently Asked Questions
Why is BlackRock’s blended fee yield only 15.42 basis points when its funds charge more?
Because the denominator includes $3.95 trillion of institutional index mandates priced near cost and $1.07 trillion of cash management. Published expense ratios describe individual funds; blended yield describes the whole book, including the largest and cheapest mandates that never appear in a retail fee table.
Does BlackRock’s reported ETF AUM equal iShares AUM?
Not exactly. BlackRock’s ETF client-type line of $6.25 trillion at June 30, 2026 includes commodity ETPs and digital-asset ETPs alongside iShares funds. ETFGI reported iShares at $6.35 trillion at July 31, 2026 on its own classification. Use the filing figure when the source needs to be BlackRock; use ETFGI when comparing providers on one basis.
What is organic base fee growth and why does BlackRock lead with it?
It measures net new base fees earned on net asset inflows over a period, divided by the base fee run-rate at the start of that period. BlackRock reported 8% for Q2 2026 and 10% over twelve months. It strips out market movement, which is why it is the honest growth number in a quarter where 88.5% of the AUM increase came from prices.
How much of BlackRock’s private credit growth came from buying HPS rather than raising money?
Of the $115.0 billion increase in private credit AUM between June 30, 2025 and June 30, 2026, $101.0 billion is attributed to acquisitions in BlackRock’s own year-over-year component table, with $27.7 billion of net inflows and $11.9 billion of realizations making up the difference.
Why exclude performance fees from the BPRI reading?
Performance fees crystallize on product-specific measurement periods, most of them clustered in the fourth quarter. Including them would swing the index by several points between Q3 and Q4 for reasons that have nothing to do with the platform’s underlying fee intensity. Alternatives produced $476 million of the firm’s $577 million of H1 2026 performance fees; that concentration is reported separately rather than folded into the index.
Is a falling BPRI bad news for BlackRock?
Not directly. BPRI fell from 4.66 to 4.46 because alternatives yield compressed 2.38 bps while ETF yield rose 0.22 bps. Alternatives yield compression at a moment when private credit AUM is scaling post-acquisition reflects fee-earning assets ramping behind committed capital, not repricing. The reading to watch is whether alternatives yield stabilizes above 75 bps once the HPS book is fully fee-earning.
What did institutional index outflows cost BlackRock in revenue?
Institutional index assets left at $41.5 billion in Q2 2026 and $76.2 billion in H1 2026, at a segment yield of 3.01 basis points. On a run-rate basis that is a small revenue effect relative to the headline, which is exactly why BlackRock can post negative flows in its second-largest segment and still report 8% organic base fee growth.
Which BlackRock figure should a journalist cite for total assets?
$15.34 trillion at June 30, 2026, sourced to Exhibit 99.1 of BlackRock’s Form 8-K. Avoid citing average AUM ($14.85 trillion) as a headline figure — it is a trailing four-month average used for fee calculations, and the two get confused often.
How often does the fee yield ladder change?
Quarterly, with each earnings release. Yields are structurally sticky: the widest single-segment move between Q1 and Q2 2026 was private markets at 2.92 bps, and the total platform moved 0.15 bps. Movement of more than 3 bps in the total platform yield would signal a genuine repricing rather than mix drift.